Workhorse- a Tesla Embryo Message Board

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Non-Tech : Workhorse- a Tesla Embryo

WKHS 1.005

-0.5%

Oct 31 9:30 AM EST

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To: Smiling Bob who wrote (4)	11/21/2018 11:34:04 PM
From: Smiling Bob	Read Replies (1) of 27

Cincinnati public company plans to spin off new firm Email Share Share Tweet Save Print Order Reprints Enlarge Workhorse Group Inc. has developed a delivery truck with a drone on top that will help drivers deliver packages more efficiently. It plans to spin off its SureFly subsidiary into a new public company. Courtesy Workhorse Group In This Article AMP Electric Vehicles Company Manufacturing Industry Steve Burns Person UPS Company Workhorse Group Inc. Company By Erin Caproni – Digital Producer, Cincinnati Business Courier Jan 4, 2018, 11:47am A Cincinnati company is planning to create a new publicly traded firm by spinning off one of its divisions. Workhorse Group Inc. (Nasdaq: WKHS) has announced it plans to spin off its SureFly aviation subsidiary to create a separate publicly traded company called SureFly Inc. It’s not clear where the new company will be headquartered, but Workhorse will issue notes with an aggregate principal amount of $5.75 million at a purchase price equal to $5 million. Those notes can be exchanged for preferred stock in SureFly Inc., which has a pre-money valuation of about $33 million. Workhorse will retain a portion of SureFly’s common stock and distribute a portion of that to its existing shareholders. Third-party investors are expected to own the balance of SureFly stock. The spin-off transaction is subject to regulatory approvals and a final decision from Workhorse’s board of directors but won’t require a shareholder vote. It’s expected to be completed by the end of 2018. “This agreement provides Workhorse with additional capital to bolster our balance sheet and, once the spin off is complete, will enable us to focus all of our resources on our core automotive business,” Workhorse CEO Steve Burns said in a statement. SureFly has created a personal electric hybrid helicopter called an “octocopter” that’s easier to fly and more affordable than a conventional chopper. It has four propellar arms with two fixed propellers on each arm and a backup lithium battery pack to drive the electric motors in the case of engine failure. It’s piloted using a joystick similar to the controls for a drone and can carry a pilot with a passenger or cargo up to 70 miles from one charge. SureFly’s helicopters recently received an Experimental Airworthiness Certificate from the Federal Aviation Administration and the first test flight is scheduled for Jan. 8.

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